Ellen Wald, ph.D., and Robert Yawger take on the oil and energy sector. Ellen notes that the world is largely well-supplied and Iran is not likely to close the Strait of Hormuz – and they may not have the capability to. Robert says even removing Iran entirely from the market, the world would still be oversupplied. He thinks price will stay rangebound barring a significant event, such as an attack on a tanker.